Forklift supplier Kion is buying US-based Dematic from AEA Investors and Ontario Teachers' Pension Plan. The acquisition involves $2.1 billion (€1.85 billion). It says the purchase makes Kion Group the one of the market leaders in intralogistics systems.
Dematic is a supplier of integrated automation systems. The US company is valued at $3.25 billion and posted revenues of €1.6 billion in 2015. It posted a gross profit without depreciation of 146.5 million euros last year. The acquisition makes the Kion Group, which includes the companies Linde, Fenwick, Still, OM, Baoli, Voltas and Egemin Automation, a total provider of material handling solutions, from forklifts to automated warehouse systems.
Kion Group is currently awaiting approval from the competition authority. The company hopes to complete the purchase in the fourth quarter of 2016. After incorporating Dematic, Kion will account for annual sales of €6.7 billion. The company will have around 30,000 employees.
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